Tyco Holders Plan Proxy Fight
To Oust Its Current Directors

By

Joann S. Lublin Staff Reporter of The Wall Street Journal

Updated Aug. 21, 2002 12:01 a.m. ET

Some Tyco International Ltd. investors led by veteran activist Ralph Whitworth may mount a proxy fight for several board seats unless the conglomerate replaces every director who served under the predecessor of new leader Edward D. Breen.

If necessary, "we will put up a slate of directors to replace the directors that are still there" when Tyco, based in Bermuda, convenes its annual meeting in March, said Mr. Whitworth, a principal of Relational Investors LLC. The San Diego investment firm, which owns more than...